Parexel ($PRXL) is stretching its global network of clinical trial supply operations with a new distribution center in Singapore, bringing the facility online to better support studies across the globe.
The new shop builds upon Parexel's existing clinical logistical services platform, adding secondary packaging and labeling services to its network of supply outfits around the world, the company said. Along with the new Singapore facility, Parexel has expanded its supply operation in Billerica, MA, all part of the CRO's interconnected platform for clinical trials in every market, Chief Operating Officer Mark Goldberg said.
"As clinical trials increase in size and complexity, clients are challenged to develop and implement strategies that create consistent sourcing, manufacturing, storage and distribution processes along the supply chain," Goldberg said in a statement. "Our investments in these important distribution centers and depots are part of the company's ongoing efforts to simplify the clinical trial journey for biopharmaceutical clients by supporting their growing global supply and logistics needs."
The latest expansion comes on the heels of a major rebranding effort at Parexel, through which the CRO is looking to better entrench itself in the high-stakes competition between the largest players in an increasingly top-heavy market. The goal is to better establish Parexel's disparate offerings as a continuum of services, CEO Josef von Rickenbach has said, and the CRO has retitled its banner eClinical business to bear the company's name.
Meanwhile, Parexel is back in investors' good graces after a quarterly dip in new business sent its share price reeling last fall. Last quarter, the company grew revenue by 15% to $487.1 million and upped its net revenue 33% to $28.3 million.
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